Qube

http://www.theage.com.au/business/corri ... 1bjji.html

it would be interesting to see if these acquisitions have a rail siding?

if that is the case it would be win situation for them if the business has stock that needs carting to interstate capitals.

Qube to acquire DP World’s Shareholding in P&O Trans Australia

Qube Logistics (Qube) today announced that it will increase its shareholding in POTA Holdings Limited (POTA) to approximately 94.5% through the exercise of call and put options with DP World (POSN) Pty

Limited (DP World), the other major shareholder in POTA. The total amount payable in respect of the exercise of the call and the put options will be $106 million which includes the purchase of DP World’s shares and related loans.

POTA is the business that forms Qube’s Landside Logistics division. This business, which operates under the trading name P&O Trans Australia, provides a comprehensive range of logistics solutions on a national basis focussed on the import / export supply chain for containerised cargo.

These services include road and rail transport to and from the port, operation of full and empty container parks, customs and quarantine services, warehousing and distribution, intermodal terminals and international freight forwarding.

Chris Corrigan, Chairman of Qube’s Investment Advisory Committee, said “Qube is very pleased to move to outright control and majority ownership. We believe that there are substantial growth opportunities for this business, particularly relating to increasing use of rail transport for container movements to and from the ports”.

As previously disclosed, the consideration payable to DP World for its shares was determined by applying a formula to calculate the exercise price for the call and put options that was agreed to when Qube made

its initial investment in April 2007. The enterprise valuation for POTA for this formula was based on seven times normalised earnings (EBITDA) for the year ending 31 December 2010.

Sam Kaplan, Managing Director of Kaplan Funds Management, the manager of Qube, said “The price paid by Qube for the additional POTA shareholding represents an attractive multiple of historical earnings

and the acquisition is expected to be earnings accretive for Qube in the first year”.

Following the completion of the transaction, Qube will own around 94.5% of POTA, with management owning approximately 5.5%. The transaction is expected to be completed by the end of April 2011.

Qube will fund the payment to DP World from its existing cash. Following the completion of the transaction, Qube will have cash and equivalents of around $70 million to fund further investments in its existing businesses and for new investments.

This announcement has been prepared and released on behalf of Qube Logistics by Kaplan Funds Management, the manager of Qube Logistics.

http://www.qubelogistics.com.au/files/18_04_11_09_06_24_Final_POTA_Announcement_Call_Put_Exercise.pdf

So, if I follow this correctly...

Corrigan, who used to be a shareholder in Pacific National, is now a shareholder in a new rail company called Qube and has just bought the port handler currently serviced by PN?

What happened to make Corrigan leave (I think it was Toll, who was the owner of Asciano) in the first place?

Corrigan owned Patrick who were 50/50 owners of PN with Toll.

Toll initiated a hostile takeover of Patrick which saw Corrigan depart.

Asciano - including PN and parts of the Patrick business - was spun off from the Toll group to satisfy ACCC concerns. It was never owned as such by Toll.

Despite what the conspiracy theorists would like to believe, Asciano is a stand alone company with no direct links to Toll.

That makes much more sense, thanks Bingley Hall.

The renaming of everything from POTA/P&O to QUBE is well underway now! New stickers and signs going up everywhere now.

1st March was change over date.

Annouced today that Qube has acquired the assets of Westgate Ports for $47 million dollars. It includes the vital port facility at Victoria dock and leases at both Lyndhurst and Altona future intermodal terminals. Qube intends to provide rail services between these facilities as well as their own terminal in Somerton.
Westgate has requested provision of a broad gauge connection at their Altona terminal as they intend to run shuttle trains between Altona and Lyndhurst (they do not anticipate SG to Lyndhurst anytime soon and neither do I.


Edward

I'm assuming the idea is that trucks from the east drop off/pick up containers at the Lyndhurst terminal, these are then railed to Altona and then forwarded on via BG or SG trains to other destinations?

The Qube Logistics website doesn't specify but I too assume that it's the idea. 


Edward

How long will PN provide hook and pull services to the paper traffic between Maryvale and Victoria Dock since both terminals are now owned by Qube ?

Qube have also bought Giacci Bulk Haulage who operate in W.A., SA & NT, to put this in perspective Giacci manage the handling of around 17 million tonnes of product a year:


www.giacci.com.au

Regards
Phil

they have had a round of redundancies at westgate ports according to a mate who works there.

Qube putting own blokes in there.

It appears that Qube have lost the Horsham contract to SCT

That would be correct indeed !!

But whats reportedly happening with the motive power is interesting..... 

Oh dear, the S is coming back to NSW? No doubt that will make us popular  .

From what I have heard  SCT (SBR) have the contract as from the 30 th April , but will only be using one NEW loco only ,  as it has been using ,for the trials of late ,Then 006 will return to Adelaide  and be replaced  due to it requires a service .. the rest I do not have a clue ...

But does the "S" not belong to CFCLA, if so who is it going to  ??  so in fact all that is going to be lost is  One loco , so to speak !! but what is the final fit out  entail ?? I was of the opinion  that has been happening !! but I could be incorrect .and happy to be corrected.

Raichase wrote:

Oh dear, the S is coming back to NSW? No doubt that will make us popular  .

S311 was only meant to be on it for 6 weeks originally in the 1st place. I'm sure a few vic based gunzels got it in that time Period originally, me included.

speedemon08 wrote:

Raichase wrote:

Oh dear, the S is coming back to NSW? No doubt that will make us popular  .

S311 was only meant to be on it for 6 weeks originally in the 1st place. I'm sure a few vic based gunzels got it in that time Period originally, me included.

I think you misunderstood me - it was a light-hearted comment directed at the commonly held idea that some Victorian enthusiasts feel that they have the "right" that Victorian locomotives should remain in Victoria

Finally announced today QUBE has purchased Independant Rail.

Without doubting you, does anyone have a link to a news article or similar stating this? It would be interesting to see whether Qube has announced its intentions behind the purchase


EDIT: Never mind, I found it!

http://www.qube.com.au/files/07_06_12_0 ... pacity.pdf

This is all great news - PUBE taking on PN with all those Vintage main line locos. Reliability must come into question! Do stake-holders have any idea?

I still can't understand how the ACCC allows PUBE to Operate their own trains in direct competition to PN and be the sole company directly charged with loading/unloading Containers for PN's interstate trains at Acacia Ridge! If PUBE trains ever start working the SG to ACR, then what then?

You ask if the stakeholders have any idea, yet it is quite clear from the above that you have NFI.